The purpose of this study was to investigate the changes in maximal oxygen consumption, muscle mass, whole bone mineral density, and risk factors for falls after 24 weeks of multi-component exercise training. Subjects were consisted of forty elderly women from the same community who had an MMSE score higher than 24. The combined exercise program included stretching for 20 minutes, low impact aerobic exercise for 30 minutes, and 30 minutes of resistance training. The program was conducted 3 times a week for 24 weeks. We found that the VO₂max, muscle mass, and BMD of greater trochanter were significantly increased. Balance function and body sway were also significantly improved. Therefore, it appears that increased physical activity through multi-component exercise training plays a positive role in improving body composition and reducing risk factors for falls due to aging.